MAGNAYE-MAGSINO-BSA-2203-LAW-STUDY-GUIDE1.pdf - Republic of the Philippines Batangas State University COLLEGE OF ACCOUNTANCY BUSINESS ECONOMICS AND

MAGNAYE-MAGSINO-BSA-2203-LAW-STUDY-GUIDE1.pdf - Republic of...

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Republic of the Philippines Batangas State University COLLEGE OF ACCOUNTANCY BUSINESS ECONOMICS AND INTERNATIONAL HOSPITALITY MANAGEMENT Batangas City
Republic of the Philippines Batangas State University COLLEGE OF ACCOUNTANCY BUSINESS ECONOMICS AND INTERNATIONAL HOSPITALITY MANAGEMENT Batangas City
Republic of the Philippines Batangas State University COLLEGE OF ACCOUNTANCY BUSINESS ECONOMICS AND INTERNATIONAL HOSPITALITY MANAGEMENT Batangas City CHAPTER 1 GENERAL PROVISIONS I.Definitions Define or give the meaning of the following. 1.Partnership -According to Article 1767, in a partnership, two or more persons bind themselves to contribute money, property, or industry to a common fund, with the intention of dividing the profits among themselves. 2.Element of delectus personae -It literally means choice of the person or choice of the persons. This Latin phrase means that no one can become a member of the partnership association without the consent of all the other associates. 3.Particular partnership -As defined in Article 1783, a particular partnership has for its object determinate things, their use or fruits, or a specific undertaking, or the exercise of a profession or vocation. In other words, it is a partnership which is neither a universal partnership of present property nor a universal partnership of profits. 4.Secret partnership; and -Secret partnership is one wherein the existence of certain persons as partners is not avowed or made known to the public by any of the partners. 5.Universal partnership of profits -According to Article 1780, a universal partnership of profits comprises all that the partners may acquire by their industry or work during the existence of the partnership. II.Discussions 1.Enumerate the five (5) essential features of a partnership contract. Why is a partnership characterized as a preparatory contract? The five essential features of a partnership contract are: a. There must be a valid contract; b The parties must have legal capacity to enter into the contract; c. There must be a mutual contribution of money, property, or industry to a common fund;
Republic of the Philippines Batangas State University COLLEGE OF ACCOUNTANCY BUSINESS ECONOMICS AND INTERNATIONAL HOSPITALITY MANAGEMENT Batangas City d. The object must be lawful; and e. The primary purpose must be to obtain profits and to divide the same among the parties. A partnership is characterized as a preparatory contract in the sense that it is a means of entering into further contracts. 2.Explain and illustrate: a partnership is a juridical person -A partnership is a juridical person because the law grants a juridical personality separate and distinct from that of each of the partners. For example, ABC Co. is owned by Kim and Ella, wherein there are three distinct persons, namely, ABC Co., Kim, and Ella.

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